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It is known that the Cournot model of quantity competition has to be inter-preted as the reduced form of a more complex situation, in which firms can commit tocapacity levels prior to setting prices. I show that the optimal strategic debt choice ofcapacity-price competitors depend on the type of...
Persistent link: https://www.econbiz.de/10005858821
-based long-term incentives account for less that 23% of the overall compensation to members of the management board. Our …
Persistent link: https://www.econbiz.de/10010305700
It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the...
Persistent link: https://www.econbiz.de/10005840385
This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...
Persistent link: https://www.econbiz.de/10005862888
Der Beitrag analysiert die Kapitalstrukturpolitik der größten börsennotierten Unternehmenin Deutschland unter Berücksichtigung des Einflusses sowohl ihrer Kapitalgeberals auch der Informationsintermediäre Finanzanalysten und Rating-Agenturen.Der Arbeitskreis hat dazu eine explorative...
Persistent link: https://www.econbiz.de/10005865797
-based long-term incentives account for less that 23% of the overall compensation to members of the management board. Our …
Persistent link: https://www.econbiz.de/10003850497
-researched. The standard Inefficient Management Hypothesis suggests that more efficient managerial teams target less performing firms …
Persistent link: https://www.econbiz.de/10011299494
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...
Persistent link: https://www.econbiz.de/10013121566
I examine the relation between shareholder value and managerial risk-taking and how this value-risk tradeoff influences managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk aversion creates potential agency conflicts between...
Persistent link: https://www.econbiz.de/10012936802
Corporate leaders pay considerable attention to the strategy and finances of their organization but often less attention to organizational features that impact whether their strategy is successful, including the decision-making structure and the incentives, values and culture that motivate...
Persistent link: https://www.econbiz.de/10011862128